As mentioned previously, the Residential Property Act (RPA) restricts non-Singapore citizens from purchasing landed property in Singapore. They are not allowed to effect such purchases unless permission has been given by the Comptroller of Housing. It is rare that permission will be given.
Example where permission might be given - a foreign multi-national corporation agrees to set up a half billion dollar plant in Singapore, and wants permission to buy a bungalow for its chief executive officer. A company like Exxon-Mobil might fit this description.
It should be noted that a Singaporean who assists a foreigner to buy property under the RPA by agreeing to act as the foreigner's nominee is committing an offence. One example was lawyer Rick Tham who agreed to act as a nominee for an Indonesian.
To avoid problems for foreigners buying landed property, any agreement signed should be stated to be subject to the approval of the relevant authorities. Check with your lawyer.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment